Based on Internal revenue services regulations and the available options, the element that is considered “taxable income not reported elsewhere on the return” on line 8 of Schedule 1: is Prizes and Awards.
What are other incomes in Schedule 1
According to the Internal Revenue Service, there are other incomes considered to be different from the usual income, and it is not to be reported elsewhere on the return.
According to the Line 8 of Schedule 1, other taxable incomes but not reported elsewhere including Prizes and awards.
Some incomes in these categories include the following:
- earnings other than wages or income from self-employment,
- retirement income,
- investments,
- foreign income, and
- canceled debts
Hence, in this case, it is concluded that the correct answer is option D. Prizes and Awards
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